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GARP International Certificate in Banking Risk and Regulation (ICBRR) Sample Questions:

1. Which one of the following statements correctly identifies risks in foreign exchange forwards?

A) Short-term forward price fluctuations are driven by changes in the spot exchange rate, since most inter-country interest rates differentials are significant, and the effect of compounding is large for short periods of time.
B) Short-term forward price fluctuations are driven by changes in the spot exchange rate, since most inter-country interest rates differentials are small, and the effect of compounding is small for short periods of time.
C) Long-term forward price fluctuations are driven by changes in the spot exchange rate, since most inter-country interest rates differentials are small, and the effect of compounding is large for short periods of time.
D) Long-term forward price fluctuations are driven by changes in the spot exchange rate, since most inter-country interest rates differentials are significant, and the effect of compounding is small for short periods of time.

2. Which one of the four following non-statistical risk measures are typically not used to quantify market risk?

A) Basis point values
B) Net closed positions
C) Convexity
D) Option sensitivities

3. James Johnson purchased a plain vanilla bond that has modified duration of 10 and convexity of 0.5. If yields increase by 1%, its modified duration is expected to

A) decrease by 1.5.
B) decrease by 0.5.
C) increase by 0.5.
D) increase by 1.5.

4. Which of the following attributes of duration gap model typically cause criticism?
I. Basis risk
II. Errors in the linear model
III. Costs of immunization
IV.
Constant nature of calculation

A) I, II, III
B) I, III, IV
C) II, III, IV
D) I, II

5. Which of the following statements about a bank's behavior regarding Risk Adjusted Return on Capital (RAROC) is correct?
I. A bank should always seek to maximize their overall RAROC.
II. A bank should consider investing in a business even with negative RAROC if it increases the RAROC of the bank as a whole.
III. A bank should minimize its overall RAROC by controlling the absolute and relative amount of risk of its businesses.
IV.
A bank should maximize its RAROC by always investing in a new business that maximizes the RAROC for that business unit.

A) I and II
B) II and IV
C) II, III, and IV
D) I, II and III

Solutions: